Government adopts budget revision draft

A draft revision of Serbia's 2010 budget was adopted during the government meeting in Belgrade on Thursday.

Izvor: B92

Thursday, 18.11.2010.

13:13

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A draft revision of Serbia's 2010 budget was adopted during the government meeting in Belgrade on Thursday. The deficit will increase by RSD 14bn compared to the original budget, and will therefore reach about RSD 121bn. Government adopts budget revision draft The draft will now be sent to parliament for a debate and a vote. According to announcements ahead of the session today, the government will finish talks with the International Monetary Fund (IMF) on the sixth review of the current loan arrangement after harmonizing the basic items of the 2011 draft budget by the end of the week. The ministers said today that the adopted draft kept the budget within the limits of the government's agreements with the IMF. The initial budget for 2010 envisaged revenues worth RSD 656bn and RSD 763bn of expenditures. This budget revision will look to increase the deficit to RSD 120bn, so that the figure of the consolidated budget would be RSD 148bn. That amounts to 4.8 percent of the GDP, and is in line with what has been agreed with the IMF. B92 has also learned that the Agriculture Ministry has prepared a regulation which will double milk premiums. Instead of RSD 1.5 for one liter, premiums will now be RSD 3. The Agriculture Ministry should receive RSD 650mn after the budget revision, and its officials have confirmed for B92 that the funds would be invested in livestock farming. Earlier today, economist Miroslav Zdravkovic told B92 that the increase in the budget deficit was in fact the money which had already been spent on bonuses to public administration employees and pensioners, and on increased subsidies for the past two years. When asked whether this was a populist move on the part of the government, Zdravkovic said that "it could be populism if there were no real economic analyses of the expenditure and its effects". This expert also believes that the draft for next year's budget will be much more indicative of the government policy than the 2010 budget revision. “It’s not the same if the expenditure is two, six or eight percent higher because these increases have affect the dinar exchange rate, as well as increases in prices next year, and only based on the draft budget we will be able to see what the economic policy is really like, whether it is populist or penny-wise,” Zdravkovic concluded. A file photo of a Serbian government meeting (Beta)

Government adopts budget revision draft

The draft will now be sent to parliament for a debate and a vote.

According to announcements ahead of the session today, the government will finish talks with the International Monetary Fund (IMF) on the sixth review of the current loan arrangement after harmonizing the basic items of the 2011 draft budget by the end of the week.

The ministers said today that the adopted draft kept the budget within the limits of the government's agreements with the IMF.

The initial budget for 2010 envisaged revenues worth RSD 656bn and RSD 763bn of expenditures.

This budget revision will look to increase the deficit to RSD 120bn, so that the figure of the consolidated budget would be RSD 148bn.

That amounts to 4.8 percent of the GDP, and is in line with what has been agreed with the IMF.

B92 has also learned that the Agriculture Ministry has prepared a regulation which will double milk premiums.

Instead of RSD 1.5 for one liter, premiums will now be RSD 3.

The Agriculture Ministry should receive RSD 650mn after the budget revision, and its officials have confirmed for B92 that the funds would be invested in livestock farming.

Earlier today, economist Miroslav Zdravković told B92 that the increase in the budget deficit was in fact the money which had already been spent on bonuses to public administration employees and pensioners, and on increased subsidies for the past two years.

When asked whether this was a populist move on the part of the government, Zdravković said that "it could be populism if there were no real economic analyses of the expenditure and its effects".

This expert also believes that the draft for next year's budget will be much more indicative of the government policy than the 2010 budget revision.

“It’s not the same if the expenditure is two, six or eight percent higher because these increases have affect the dinar exchange rate, as well as increases in prices next year, and only based on the draft budget we will be able to see what the economic policy is really like, whether it is populist or penny-wise,” Zdravković concluded.

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